EDMONTON -- Edmonton homeowners will soon find out what their property is worth.

The city is mailing out more than 400,000 assessment notices.

City officials said the overall assessment shows an average decrease of 2.4 per cent as of last July.

An average single family home was assessed at just over $380,000.

Assessments reflect what the city estimates a property's value to be on the open market.

Owners of an average-priced home should expect to pay $2,669 in property taxes this year, although the final tax rate won't be set until May.